RBI extends deadline to exchange pre-2005 notes to June 30, 2016

Reserve Bank of India (RBI) has extended the deadline for exchanging pre-2005 currency notes of various denominations by another six months to June 30, 2016. From January 1, 2016 such facility for exchanging pre-2005 currency notes will only be available at identified bank branches and Issue Offices of the RBI. Earlier in June 2015, RBI had set the last date for public to exchange pre-2005 banknotes notes as December 31, 2015. It is fourth time RBI has extended the deadline for exchanging pre-2005 currency notes since March 2014. Till date RBI has shredded over 164 crore pre-2005 currency notes of various denominations, including of Rs 1,000 with the face value of around Rs 21,750 crore in its regional offices.